PH March exports rise 2.06% after 3-mth slump

PHILIPPINE exports gained momentum to rise 2.06 percent in March after three straight months of contractions, with growth largely driven by coconut oil, machinery and transport equipment, chemicals and mineral products, official figures show.

The increase in March marks a reversal of previous declines such as 2.96 percent in February, 0.5 percent in January and 3.2 percent in December 2014.

However, the rebound fell far short of the 12.13 percent jump in exports recorded in March of the previous year.

Figures from the Philippine Statistics Authority (PSA) show March exports rose to $5.377 billion from $5.268 billion a year earlier on the back of increases posted by seven major commodities, which apart from those already mentioned, also include metal components, articles of apparel and clothing accessories, and electronic products.